The transfer market has long been controlled by the main banks in every country. However, the rules are updated and the system changed, which opens up new opportunities for small businesses wishing to join the system. Among them you will find Cross, which offers a payment system with ripple.
It is a merger of companies trying to improve the immigration transfer system in South Korea by using Ripple’s fast payment technology to improve the system.
We’re talking about the first transfer company to use blockchain technology to make real-time international payments at a low cost.
Inexpensive transfers in South Korea are a reality
A company called Coinone Transfer was the company that launched this whole revolution based on its recent collaboration with SBI Ripple. The main goal of the latter is to create a company that offers an affordable transfer service using Ripple’s blockchain.
They also offer a number of other advantages. Real-time payments with ripple are just one of the highlights.
On the other hand, it should be noted that it was a difficult task to gain user trust.
However, due to the great effort, the current rate of fixed customers is 80%. In other words, about 80% of their customers return for the service. However, there are many more details to mention.
Cross: A company that uses ripple technology to reduce transfer costs
Cross was born when Coinone Transfer decided to join SBI Ripple Asia to find a solution to the problem of payments between countries. This idea was born in late 2018 and its main goal was to offer a fast payment service with Ripple at a lower cost.
The company is not only responsible for offering a much lower shipping cost than other companies or banks. In addition, users can enjoy blockchain transparency, reliability and other aspects.
In addition, the number of beneficiaries is increasing. They currently reach more than 200,000 foreign workers who use Cross to send and receive money from their families. But there are also families who send their children money to pay for subsidies, studies or others.
Certainly, many users use the fast ripple payment system that Cross uses to benefit from it. However, it was a difficult task for the company to create this trust in the users.
Benefits of paying with Ripple
Cross is not only characterized by a percentage of commission of less than 1% (in some cases), but also has a digital system with which transactions or payments can be carried out in real time. All of this is possible thanks to Ripple.
In other words, customers can use their smartphone to send transfers in real time using the cross application.
On the other hand, it should be noted that the company Coinone Tranfer also mentioned that they are trying to make more arrangements with other institutions in order to increase the number of users they can cover, support and take other aspects into account.
In conclusion, it must be said that blockchain technology is used in more projects and companies every day to improve conventional systems. Sending and receiving transfers has been improved since 2018 with this company called Cross.
However, Cross still has to overcome many other obstacles in order to be consolidated in the South Korean transfer system. For this reason, the company is constantly looking for ways to improve its payment system and lower costs along with Ripple technology.